Inside the industry

The deal cycle, from the first call to the keys

A commercial lease has more steps than most people expect. Here is every one, in order, with what happens and who does what. Typically: requirements and search, tours, proposals, the offer to lease, conditions, the lease, then build-out and move-in. Allow three to nine months.

The front of Waterfront Station in downtown Vancouver
Photo: Zhatt, Public domain, source · credits
  1. Research. I look at your current lease, your market and your timeline. If you’re renewing, this is where the renewal check happens.
  2. First call. Fifteen minutes. What’s going on, what you need, and whether I’m the right person to help.
  3. Needs meeting. Size, area, budget, timing, power, parking, loading, signage, hours, growth plans, and what would make you walk away.
  4. Disclosure and agreement. BC rules require me to give you a Disclosure of Representation form before you share anything confidential. If we work together, we sign a tenant representation agreement through my brokerage that sets out what I do and how I’m paid. Read more on how commissions work.
  1. Market survey. Listings from every brokerage, plus space coming up that isn’t advertised yet. I send a short “wanted” notice with your requirement (no names) to commercial agents and landlords.
  2. Tours. A short list of real options, with the real cost and the problems of each.
  3. Proposals. I ask the best two or three landlords for written proposals at the same time. Landlords sharpen their pencils when they know they aren’t the only one being asked.

The deal

  1. Negotiation. Rent, free rent, allowances, term, renewal options, assignment, guarantees. See what’s negotiable.
  2. Offer to lease. The agreed terms go into an offer to lease with conditions for your protection.
  3. Due diligence. Your lawyer reviews the lease, we check zoning, permits and the building, and you arrange financing if needed.
  4. Conditions removed and lease signed. Signing the offer isn’t the finish line. Things still come up in the lease document, and they get negotiated too.

After signing

  1. Build-out and keys. The fixturing period, landlord’s work and your contractor’s work, permits, then possession.
  2. The long tail. I keep your critical dates (renewal notice, rent steps, option deadlines) and check in well before they arrive.

Go deeper

If you’re looking for more details

The cycle in one table
StepTypical time
Requirements and search2 to 6 weeks
Tours and shortlist2 to 4 weeks
Proposals and offer to lease2 to 6 weeks
Conditions2 to 4 weeks
Lease drafting and review2 to 6 weeks
Permits and build-out1 to 6 months

Typical estimates from my own deals, not rules. Your lease, the property and the market set the real timeline.

Typical estimates, not official figures. Each deal moves at its own speed, and permits are usually the slowest part.

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Next step

I can tell you which step you’re on.

Tell me where things stand. I can tell you what comes next and how long it usually takes.